Published on March 3, 2014
ICD-10: Get your practice ready for the biggest change © CureMD Healthcare
ICD-10 • The biggest change to the healthcare industry, ICD10, will come into effect on October 1, 2014 to replace the old ICD -9 system of diagnostic coding • It will also increase the number of diagnostic codes from the current 14,000 to 68,000, signaling a fivefold increase • ICD-10 will enable physicians to track and trend diseases better, code accurately, support future technology, support new payment models, improve utilization and manage quality
Switching to ICD-10 • The switch to ICD-10 will also be expensive • Research suggests ICD-10 changeover will cost up to $1.5 billion in the next 10 years, but savings resulting from the change will exceed $7.5 billion as well • On average, a mid-size practice will have to spend nearly $300,000 in ICD-10 adaptation costs while for a large practice, the cost may go up to $3 million • The most important thing to realize is that while ICD10 will come into effect after ten months, they should start preparing for it right away if not already done
Questions to ask? • Questions to check ICD-10 readiness: – – – – How ready is your EHR vendor? Who do you share diagnosis information with? Will your provider have a specific ICD-10 workflow? Is your vender providing a convenient way to use ICD9 to 10 cross walks Is there a training plan for support staff? – Will you need to generate reporting updates for quality programs? – Will your medical billers need to re-certify? – Which ICD-9 claim codes are changing in ICD-10? What coding errors can you expect?
ICD-10 Shift • You need to understand that the shift to ICD-10 is so complex that without coordination, it will not be successful • It is important that all of your health IT vendors work in liaison with you to incorporate the changes as well as coordinate it with everyone associated with medical coding in your organization • The transition to ICD-10 can be less painful if your vendor is ready, understands the technicalities of the new system and is able to help you make the switch successfully
Read more on blog.curemd.com • To read more on this topic, visit: • http://blog.curemd.com/icd-10-get-your-practiceready-for-the-biggest-change/
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The biggest change to the healthcare industry, ICD-10, will come into effect on October 1, 2014 to replace the old ICD -9 system of diagnostic coding.
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